Introduction
Logistics in business simply means to move finished products from producers to consumers and other end users. On the other hand, supply chain management (SCM) means to transform products from raw materials and provide them to the end customer. The management aspect is to facilitate the duties of logistics, supply management, and marketing. So, products are produced and distributed in the right place and time.
Why in Singapore?
Singapore has been in demand for many logistics and SC firms. DHL and Schenker have both set their headquarters here. Firms have conducted innovation to enhance and generate new supply chain ideas. What more? 600 ports in 123 countries are connected to Singapore by 200 shipping lines. It is also first in the efficiency of customs clearance, out of 160 countries.
Singapore has achieved this success by the agreements on free trade. The country has implemented 20 free trade agreements, and 31 trading partners. Its core competency is that it is known for connecting all corners of the world. In addition to all of this, one of the main reasons for establishing here is location. Singapore has a powerful R&D infrastructure which includes: technology enablers, start-ups, and research.
The future of logistics in Singapore
As the demand for establishing logistic firms in Singapore has risen, the future looks bright. Singapore Economic Development Board (EDB) and SPRING are in charge of trade and enhance innovation in Singapore. Both organizations are working together to ensure long term productivity for logistics firms. They have created a five-year plan to boost logistics. In return, the manufacturing and service industries will also thrive.
Logistic firms are also working together with manufacturing industries. They have the opportunity to capitalize on their knowledge to enhance the industry. Logistics can create specialized capabilities to generate solutions for manufacturing and service industries. Academic institutions have started to implement the skill sets to students. By this, students are prepared for the workforce that will facilitate revenue.
Strengthening Supply Chain Management
Supply chain management (SCM) is an advantage of other global industry leaders. strengthening SCM organizations in Singapore can reach higher productivity and low operating costs. To make this happen, EDB is encouraging organizations to share their expertise in the industry to other leaders. Doing so has hopes that will create new growth with intra-Asia trade. Logistic firms are working with the supply chain on building practical know-how to boost opportunities for the supply chain.
The Centre of Innovation for Supply Chain Management (COI-SCM), launched in 2011, is a platform that helps organizations be efficient with growth. To achieve this, COI-SCM is offering innovation, re-engineering, implementing technology and automation. By this, logistics can keep up to date with the demands of the market to improve efficiency. With the help of COI-SCM, SPRING, and EDB, the logistics and SCM firms are sure to reach great heights. Having all the organizations combined, with world-class infrastructure, and global connectivity Singapore is the nesting ground for logistics and SCM.
For more information about logistics and SCM go to:
https://www.edb.gov.sg/en/our-industries/logistics-and-supply-chain-management.html
To establish your organization in Singapore, go to: https://www.incorporate.sg/
